Other Core Competencies Flashcards
If you were setting up a surveying practice, what would you need to include in your business plan?
Services to be provided - including prices and benefits to the consumer
Market analysis - detailing competition and how company fits in the industry, along with relative strengths and weaknesses
Financial planning - funding, financial statements, balance sheets etc., targets and estimtes for first few years
Budget - staffing, development, manufacutring, marketing and other expenses
What is a business plan?
A document that defines in detail a company’s objectives and how it plans to achieve its goals.
Lays out a written road map for the firm from marketing, financial, and operational standpoints.
What are some negotiation tactics you can use?
Start high went negotiating price or rent - so there is somewhere to come down from
Know objectives of your client and other party
Write down what has been agreed
Maintain a good relationship with the other side
What are some of your company’s business objectives?
Sustainable and profitable growth
Expand client base
Have a positive impacr on the community
Always deliver high quality of service
Maintain a culture where people thrive and reach their full potential
What s ADR?
Alternative dispute resolution
Different processes for settling a dispute without using litigation and resotring to the courts
What are the different types of ADR?
Mediation
Conciliations
Arbitration
Adjudication
Independent expert determination
What is mediation?
Neutral party is jointly instructed to assist in communication between two parties to achieve settlement or resolution
Will generally not offer opinions or assessment
What are the positives and negatives with mediation?
Positives
* Less expensive and facter than litigation through courts
* Privacy
* Parties can jointly choose a mediator
Negatives
* Not legally binding unless there is court enforcement
* Quality of mediator will effect resolution
What is conciliation?
Common form of ADR used for employment disputes
Conciliator is appointed and will discuss the issues and try to help the parties reach an agreement
Conciliator’s opinion is used to help parties recognise their positions in the dispute and come to an agreement
What are the positives and negatives with conciliation?
Positives
* Conciliator is usually an expert in their disputed field
* More cost-effective than taking dispute to court
* Maintains pivacy
Negatives
* Not legally binding
* No resolution guaranteed
What is arbitration?
An arbitrator is a neutral third party who the parties have appointed to resolve the dispute, they will be a specialist in the relevant field
They will hear from both parties before making a final decision
What are the positives and negatives with arbitration?
Positives
* Legally binding
* Faster and can be cheaper than litigation
* Privacy
* Parties can jointly choose and arbitrator
Negatives
* Only relies upon the information presented to them by either party
What is adjudication?
Statutory UK dispute resolution procedure with a timeframe of 28-42 days
What are the positives and negatives with adjudication?
Positives
* Cheaper and quicker than litigation
* Produces final decision that the parties are encouraged to respect
* Parties can select their adjudicator
* Adjudicator can act as an investigator
Negatives
* Has no jurisdiction beyond that specified in a contract
* Doesn’t not always lead to final settlement of a dispute because either party has the right to have the same dispute heard afresh in court
What is independent expert determination?
- Appointed by the parties to give an expert opinion on the dispute
- Acting as an expert rather than judge or arbitrator, is appointed to provide confidential and binding determination of a dispute
- Behaviour governed by the contract between the two aperies
